Understanding the 5 Layers of Technology in Blockchain Crypto Networks
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This may break some people’s hearts, but a blockchain is just a glorified accounting system and crypto is an application of it. It is definitely a technological breakthrough in terms of the systems that preceded it, but all of the magic behind blockchain is in what is called “triple-entry-accounting”. The terminology is a bit misleading as there is no actual “third entry” taking place; it is automating the process and removing the possibility of errors happening in bookkeeping.
Theoretically, there are a million different ways to build a crypto network.
Regardless of the architectural specifications; every network will/must have these 5 layers within its design in order to qualify as a true DLT/blockchain.